Singapore's MAS and Danish FSA to bolster fintech's growth

The two regulators will help fintech companies in Singapore and Denmark expand into each other’s markets.

The Monetary Authority of Singapore (MAS) partnered the Danish Financial Supervisory Authority (Danish FSA) to help fintech companies in Singapore and Denmark expand into each other's markets.

MAS and the Danish FSA have also committed to exploring joint innovation projects together, and to share information on emerging market trends and their impact on regulation.

"This cooperation agreement signifies the commitment of MAS and Danish FSA to promoting innovation in financial services and growing the fintech landscape. We look forward to closer interactions between our respective fintech ecosystems and more opportunities for our businesses to grow, expand and serve customers in each other's markets," said Sopnendu Mohanty, Chief FinTech Officer, MAS.

Thomas Brenøe, Deputy Director General, Danish FSA, added: "We are currently establishing a FinTech Lab to support the development of fintechs and provide assistance for these to set up business in Denmark. Financial innovation is not confined to national borders, and ...this agreement will ensure cooperation between the Danish FSA and MAS and will foster opportunity for businesses in Denmark and Singapore to grow."